2024 NTC GTLE Exams Likely Accounting Questions And Answers

The 2024 Teacher Licensure Examination GTLE by (NTC) will be held in March 2024 . Here are some likely Accounting questions and answers

1. conceptual framework deals with all the following EXCEPT ……

A. capital and capital maintenance concept

B. development of IFRS standards

C. objective of financial statement

D. qualitative accounting information

2. Company A owns 45% of Company B’s voting share capital and the other large shares are held by a large number of unrelated investors, none of whom individually owns more than 1%. Company B is a/an ……………… of Company A.

A. associate

B. joint venture

C. subsidiary

D. wholly-owned

2024 GTLE Exams Likely Accounting Questions And Answers

3. Use the following information to answer this question.

Total expenses amounted to 15% and profit markup of 33.5% What is the gross profit?

A. GHC 2,275,000

B. GHC 2,600,000

C. GHC 3,575,000

D. GHC 3,900,000

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4. The following information relates to O-Ray Departmental Stores:

The Business incurred an advertising cost of GHC 3570 How much of the advertising cost was chargeable to Department Q?

A. GHC 3570.00

B. GHC 2320.50

C. GHC 1785.00

D. GHC 1249.50

5. The following information relates to the operations of G.P.R.T.U. for the year, 2021:

The subscription received during the year 2021 was GHC 86,000 and the total expenditure was GHC 105,000. Calculate the Surplus/deficit of G.P.R.T.U. for the year ending 31/12/21.

A. GHC 5,800 surplus
B. GHC 5,800 deficit
C. GHC 7,200 surplus
D. GHC 17,800 deficit

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6. Anna and Bettina are in partnership sharing profits and losses equally. The following is their balance sheet as of 30th September, 2019

They agreed to admit Comfort on 1st October, 2019. She was to take 20% of the profit and to contribute GHC 55,000 cash as her capital. Goodwill is valued at GHC 50,000. What is the new profit and loss sharing ratio for Anna, Bettina and Comfort’s partnership?

A. 2:1:2

B. 2:2:1

C. 3:2:2

D. 3:3:2

7. Anna and Bettina are in partnership sharing profits and losses equally. The following is their balance sheet as of 30th September, 2019

They agreed to admit Comfort on 1st October, 2019. She was to take 20% of the profit and to contribute GHC 55,000 cash as her capital. Goodwill is valued at GHC 50,000. What is the capital balance of Bettina?

A. GHC 65,000…..

B. GHC 80,000

C. GHC 85,000

D. GHC 105,000

8. On 1st July, 2020, Rishaben PLC had the following balances in its books:
Issued ordinary shares 1,280,000 @ GHC 1.00.
Reserves GHC400,000
Debentures GHC240,000
Current liabilities GHC160,000
Non-current assets GHC960,000
Bank GHC80,000
Other currents assets GHC1,040,000
On 1st July, 2020 management decided to issue 80,000 ordinary shares of 90 pesewas (Ghp) payable as 40 Ghp on applications; 30Ghp on allotments and 20 Ghp on the first and final call. All the shares were applied for and subsequently allotted.
What is the value of total assets after the issue of shares?

A. GHC 1,760,000

B. GHC 2,050,000

C. GHC 2,152,000

D. GHC 2,160,000

9. What is the correct entry of recorded accumulated depreciation in the period the asset was sold?

A. Debit Disposal of Asset Account and Credit Non-Current Asset Account

B. Debit Disposal of Asset Account and Credit Provision for Depreciation Account

C. Debit P&L Account and Credit Provision for Depreciation Account

D. Debit Provision for Depreciation Account and Credit Disposal of Asset Account

10. Which of the following is NOT a component of financial statements according to IFRS 1?

A. auditors report

B. cash flow statement

C. income statement

D. statement of changes in equity

2024 GTLE Exams Likely Accounting Questions : CHECK THE ANSWERS BELOW

1. B

2. C

3. B

4. D

5. B

6. B

7. A

8. D

9. D

10. A

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